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CDW Corporation（CDW）与康宁（GLW）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是康宁的1.3倍（$5.5B vs $4.2B），康宁同比增速更快（20.4% vs 6.3%），康宁自由现金流更多（$620.0M vs $395.9M），过去两年康宁的营收复合增速更高（19.0% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
CDW vs GLW — 直观对比
营收规模更大
CDW
是对方的1.3倍
$4.2B
营收增速更快
GLW
高出14.1%
6.3%
自由现金流更多
GLW
多$224.1M
$395.9M
两年增速更快
GLW
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.2B |
| 净利润 | — | $540.0M |
| 毛利率 | 22.8% | 35.5% |
| 营业利润率 | 7.8% | 15.9% |
| 净利率 | — | 12.8% |
| 营收同比 | 6.3% | 20.4% |
| 净利润同比 | — | 74.2% |
| 每股收益（稀释后） | $2.13 | $0.61 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CDWGLW
| Q4 25 | $5.5B | $4.2B | ||
| Q3 25 | $5.7B | $4.1B | ||
| Q2 25 | $6.0B | $3.9B | ||
| Q1 25 | $5.2B | $3.5B | ||
| Q4 24 | $5.2B | $3.5B | ||
| Q3 24 | $5.5B | $3.4B | ||
| Q2 24 | $5.4B | $3.3B | ||
| Q1 24 | $4.9B | $3.0B |
净利润CDWGLW
| Q4 25 | — | $540.0M | ||
| Q3 25 | $291.0M | $430.0M | ||
| Q2 25 | $271.2M | $469.0M | ||
| Q1 25 | $224.9M | $157.0M | ||
| Q4 24 | — | $310.0M | ||
| Q3 24 | $316.4M | $-117.0M | ||
| Q2 24 | $281.1M | $104.0M | ||
| Q1 24 | $216.1M | $209.0M |
毛利率CDWGLW
| Q4 25 | 22.8% | 35.5% | ||
| Q3 25 | 21.9% | 37.1% | ||
| Q2 25 | 20.8% | 36.0% | ||
| Q1 25 | 21.6% | 35.2% | ||
| Q4 24 | 22.3% | 34.2% | ||
| Q3 24 | 21.8% | 33.5% | ||
| Q2 24 | 21.8% | 29.2% | ||
| Q1 24 | 21.8% | 33.4% |
营业利润率CDWGLW
| Q4 25 | 7.8% | 15.9% | ||
| Q3 25 | 7.7% | 14.4% | ||
| Q2 25 | 7.0% | 14.8% | ||
| Q1 25 | 7.0% | 12.9% | ||
| Q4 24 | 7.9% | 11.2% | ||
| Q3 24 | 8.7% | 8.9% | ||
| Q2 24 | 8.0% | 5.7% | ||
| Q1 24 | 6.7% | 8.5% |
净利率CDWGLW
| Q4 25 | — | 12.8% | ||
| Q3 25 | 5.1% | 10.5% | ||
| Q2 25 | 4.5% | 12.1% | ||
| Q1 25 | 4.3% | 4.5% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | 5.7% | -3.5% | ||
| Q2 24 | 5.2% | 3.2% | ||
| Q1 24 | 4.4% | 7.0% |
每股收益（稀释后）CDWGLW
| Q4 25 | $2.13 | $0.61 | ||
| Q3 25 | $2.21 | $0.50 | ||
| Q2 25 | $2.05 | $0.54 | ||
| Q1 25 | $1.69 | $0.18 | ||
| Q4 24 | $1.97 | $0.36 | ||
| Q3 24 | $2.34 | $-0.14 | ||
| Q2 24 | $2.07 | $0.12 | ||
| Q1 24 | $1.59 | $0.24 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $618.7M | $1.5B |
| 总债务越低越好 | — | $7.6B |
| 股东权益账面价值 | $2.6B | $11.8B |
| 总资产 | $16.0B | $31.0B |
| 负债/权益比越低杠杆越低 | — | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资CDWGLW
| Q4 25 | $618.7M | $1.5B | ||
| Q3 25 | $452.9M | — | ||
| Q2 25 | $481.0M | — | ||
| Q1 25 | $688.1M | — | ||
| Q4 24 | $717.7M | $1.8B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $665.3M | — | ||
| Q1 24 | $803.8M | — |
总债务CDWGLW
| Q4 25 | — | $7.6B | ||
| Q3 25 | — | $7.4B | ||
| Q2 25 | — | $6.7B | ||
| Q1 25 | — | $7.0B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | — | $7.1B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.0B |
股东权益CDWGLW
| Q4 25 | $2.6B | $11.8B | ||
| Q3 25 | $2.5B | $11.5B | ||
| Q2 25 | $2.5B | $11.1B | ||
| Q1 25 | $2.3B | $10.7B | ||
| Q4 24 | $2.4B | $10.7B | ||
| Q3 24 | $2.3B | $11.1B | ||
| Q2 24 | $2.2B | $10.6B | ||
| Q1 24 | $2.1B | $11.2B |
总资产CDWGLW
| Q4 25 | $16.0B | $31.0B | ||
| Q3 25 | $15.2B | $29.9B | ||
| Q2 25 | $15.3B | $28.7B | ||
| Q1 25 | $15.0B | $27.4B | ||
| Q4 24 | $14.7B | $27.7B | ||
| Q3 24 | $14.4B | $28.3B | ||
| Q2 24 | $13.6B | $27.2B | ||
| Q1 24 | $13.2B | $27.6B |
负债/权益比CDWGLW
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 0.64× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 0.63× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $433.8M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $620.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 14.7% |
| 资本支出强度资本支出/营收 | 0.7% | 10.2% |
| 现金转化率经营现金流/净利润 | — | 1.95× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.4B |
8季度趋势，按日历期对齐
经营现金流CDWGLW
| Q4 25 | $433.8M | $1.1B | ||
| Q3 25 | $328.3M | $784.0M | ||
| Q2 25 | $155.9M | $708.0M | ||
| Q1 25 | $287.2M | $151.0M | ||
| Q4 24 | $345.3M | $623.0M | ||
| Q3 24 | $342.1M | $699.0M | ||
| Q2 24 | $149.9M | $521.0M | ||
| Q1 24 | $440.0M | $96.0M |
自由现金流CDWGLW
| Q4 25 | $395.9M | $620.0M | ||
| Q3 25 | $298.5M | $450.0M | ||
| Q2 25 | $133.4M | $400.0M | ||
| Q1 25 | $260.3M | $-57.0M | ||
| Q4 24 | $316.7M | $369.0M | ||
| Q3 24 | $308.5M | $482.0M | ||
| Q2 24 | $119.0M | $279.0M | ||
| Q1 24 | $410.5M | $-156.0M |
自由现金流率CDWGLW
| Q4 25 | 7.2% | 14.7% | ||
| Q3 25 | 5.2% | 11.0% | ||
| Q2 25 | 2.2% | 10.4% | ||
| Q1 25 | 5.0% | -1.7% | ||
| Q4 24 | 6.1% | 10.5% | ||
| Q3 24 | 5.6% | 14.2% | ||
| Q2 24 | 2.2% | 8.6% | ||
| Q1 24 | 8.4% | -5.2% |
资本支出强度CDWGLW
| Q4 25 | 0.7% | 10.2% | ||
| Q3 25 | 0.5% | 8.1% | ||
| Q2 25 | 0.4% | 8.0% | ||
| Q1 25 | 0.5% | 6.0% | ||
| Q4 24 | 0.6% | 7.3% | ||
| Q3 24 | 0.6% | 6.4% | ||
| Q2 24 | 0.6% | 7.4% | ||
| Q1 24 | 0.6% | 8.5% |
现金转化率CDWGLW
| Q4 25 | — | 1.95× | ||
| Q3 25 | 1.13× | 1.82× | ||
| Q2 25 | 0.57× | 1.51× | ||
| Q1 25 | 1.28× | 0.96× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | 5.01× | ||
| Q1 24 | 2.04× | 0.46× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
